Amphenol Q1 2024 Earnings Report
Key Takeaways
Amphenol reported a strong first quarter in 2024, with sales reaching $3.26 billion, a 9% increase in U.S. dollars, and adjusted diluted EPS of $0.80, up 16% compared to the previous year. The company's performance was driven by growth in IT datacom, commercial air, automotive, and defense markets, along with contributions from its acquisition program. A new $2 billion stock repurchase program was also announced.
Sales increased by 9% to $3.26 billion, with organic growth of 6% compared to Q1 2023.
GAAP diluted EPS rose by 23% to $0.87, and adjusted diluted EPS increased by 16% to $0.80 year-over-year.
Operating and free cash flow were $599 million and $506 million, respectively.
A new three-year, $2 billion open market stock repurchase program was announced.
Amphenol
Amphenol
Forward Guidance
For the second quarter of 2024, Amphenol anticipates sales to range from $3.24 billion to $3.30 billion, representing a 6% to 8% increase year-over-year. Adjusted diluted EPS is projected to be between $0.79 and $0.81, reflecting a 10% to 13% increase from Q2 2023.
Positive Outlook
- Sales are expected to be in the range of $3.24 billion to $3.30 billion, representing a 6% to 8% increase over the prior year quarter.
- Adjusted Diluted EPS is expected to be in the range of $0.79 to $0.81.
- Adjusted Diluted EPS represents a 10% to 13% increase from the second quarter of 2023.
- The revolution in electronics continues to accelerate, with new innovations creating exciting growth opportunities for Amphenol across each of our diversified end markets.
- Expanded range of high-technology interconnect products, both through organic innovation efforts as well as through successful acquisition program.
Challenges Ahead
- The current economic environment remains uncertain.
- Guidance assumes the continuation of current market conditions.
- Guidance assumes constant exchange rates.
- Political, economic, military and other risks related to operating in countries outside the United States.
- Uncertainties associated with an economic slowdown or recession in any of the Company’s end markets.